A. Sales discount E. FOB shipping point H. Purchase discount B. Credit period F. Gross profit I. Cash discount C. Discount period G. Merchandise inventory J. Trade discount D. FOB destination 1. Goods a company owns and expects to sell to its customers. G 2. Time period that can pass before a customer’s payment is due. B 3. Seller’s description of a cash discount granted to buyers in return for early payment. A 4. Reduction below list or catalog price that is negotiated in setting the
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1‚ a parameter is a special kind of variable‚ used in a subroutine to refer to one of the pieces of data provided as input to the subroutine.[1] These pieces of data are called arguments. An ordered list of parameters is usually included in the definition of a subroutine‚ so that‚ each time the subroutine is called‚ its arguments for that call can be assigned to the corresponding parameters. Just as in standard mathematical usage‚ the argument is thus the actual value passed to a function‚ procedure
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profitability. It really depends on pricing and the economy at the time. For instance‚ with a pizza business‚ if they are paying $28 at the start of a period for a case of cheese and it bumps up to $32‚ the company could switch accounting methods LIFO to get the benefit of the lower priced cheese on the books and overstate income for a period. This would be misleading to investors and would look good on the financials but dishonest since it gives an inaccurate
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ACCT 2300 Final Exam Review Sheet 1. Chapter 1 a. Types of businesses b. Purpose of accounting & Primary users of information c. Purpose of Financial Statements d. Conceptual Framework 2. Chapter 2 a. Objectives of Financial Reporting b. Financial Statements – Know how to calculate each and all the parts in them b.i. Income Statement – Single and Multi-Step Net Sales - COGS Gross Profit Operating Expenses: - General and Administrative Expenses - Selling Expenses
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The Comparative Analysis of Financial Reporting Between China and the UK Introduction As commonly acknowledged‚ accounting‚ as a social science‚ a language of economy‚ is affected by the environment in which it stays; In the meantime‚ it also brings impact on this environment (Černe 2009). There are numerous factors that affect the accounting system of a country‚ such as culture‚ politics and economy and other non-accounting factors (Nobes & Parker 2010). China is one of the most populous
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CHAPTER 1 OVERVIEW OF FINANCIAL REPORTING‚ FINANCIAL STATEMENT ANALYSIS‚ AND VALUATION Solutions to Questions‚ Exercises‚ and Problems‚ and Teaching Notes to Cases 1. Value Chain Analysis Applied to the Timber and Timber Products Industry. Exhibit 1.A below contains a depiction of the value chain. The links in the value chain are as follows: 1. Timber Tracts: Plant and maintain timber tracts (Weyerhaeuser) 2. Logging: Harvests timber (Weyerhaeuser) a. Sawmills:
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better (as shown in the income statement). The second change that reflected better numbers in their statements was the inventories. They changed the way they kept its value (they used FIFO for domestic materials‚ while using LIFO for imported material). Then‚ they made a "LIFO liquidation"‚ that according to a small research we made‚ it’s a managerial move done to lower the COGS‚ thus‚ increasing the profit margin out of nowhere. The net effect of this change was a 2.4 million increase in profit.
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Assignment: See attached file Week3 D1: The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? D2: A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods
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WINDOW DRESSING Window dressing is presenting company accounts in a manner which enhances the financial position of the company. It is a form of creative accounting involving the manipulation of figures to flatter the financial position of the business. It is also defined as: ‘A form of accounting‚ which while complying with all the regulations‚ nevertheless‚ gives a biased impression of the company’s performance.’ Though it is not illegal‚ it is considered by many financial pundits asunethical
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A figure of cost of goods sold reflecting the cost of the product or good that a company sells to generate revenue‚ appearing on the income statement‚ as an expense. Also‚ referred to as "cost of sales". It is essentially a cost of doing business‚ such as the amount paid to purchase raw materials in order to manufacture them into finished goods. For example‚ if a $10 widget costs $6 to make‚ then the cost of goods sold is $6 per widget. That is‚ the cost of goods sold is equal to the beginning
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